"Specifically, soybean meal prices are breaking down domestically as new crop supplies and replenishing crusher needs. Additionally, the forecasted rain is seen as stabilizing and potentially increasing soybean yields in the northern production areasm" North says.

All of this helped take November soybeans through the gap that has been closely followed since it was made in August, he says.

"Once penetrating that $13.31 ½ level, weak holders of long positions began exiting. That has been the story today."